Milwaukee-based Blackwell Capital Group has acquired Elkhorn-based Advance Fittings Corp., the investment firm announced this week.
Advance Fittings makes stainless steel fittings and components for the bio-pharmaceutical and other process industries.
“Advance Fittings continuously raises the bar on quality, and thus has developed an excellent reputation among its customers,” said Steve Balistreri, managing director of Blackwell Capital Group. “They are also highly respected by their peers in the process equipment industry.”
Terms of the deal were not disclosed. Blackwell Capital Group is a privately held investment firm that focuses on acquiring majority interests in businesses with $5 million to $50 million in revenue.
Edward Mentzer, founder and president of Advance Fittings, will retire following the transaction while Pete Mentzer, chief operating officer, and Dean Perona, vice president of operations, will remain in management and are still company shareholders. Other management team members will also remain with the company.
“The experience and knowledge of our existing staff, combined with the insights and resources of Blackwell Capital Group will create new opportunities for growth of Advance Fittings Corp.,” Pete Mentzer said.
“As our customers innovate and require new components, and as we bring our offerings to other businesses, the resources and expertise of the Blackwell Capital Group will help us maintain highly efficient operations while continuing to exceed customer expectations,” Perona added.
First Federal Bank financed the acquisition and N2 Advantage Law of Brookfield provided legal advice.